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<p>In 2017, the Government committed to a target of increasing UK economy-wide investment
in R&D to 2.4% of GDP by 2027, and 3% in the longer-term.</p><p> </p><p>Last year,
the Office for National Statistics (ONS) updated its methodology for capturing R&D
performed in small businesses and higher education institutions throughout the UK.
This has not yet been incorporated into calculations of GDP, and so an official estimate
of UK R&D expenditure as a proportion of GDP under the new methodology is not
yet available. However, on this revised basis, DSIT estimates R&D investment would
have been between 2.8% and 2.9% of GDP for 2021. Government remains committed to public
R&D expenditure reaching £20bn for 24/25, a record level.</p>
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